Follow the latest news on the earthquake in Turkey and Syria
President Sheikh Mohamed on Thursday called on the UAE to perform prayers for people killed in the earthquake that struck Turkey and Syria.
The prayer will be held tomorrow, after Friday prayers, in all mosques across the country.
In Islam, absentee funeral prayers, known as Salat al-Gha'ib, are performed by Muslims who are not physically present for the burial prayer, known as Salat al-Dafnah.
In the southern Turkish city of Gaziantep on Thursday, Turkish President Recep Tayyip Erdogan said more than 14,000 people had died in his country.
The combined death toll with Syria had exceeded 17,000 by Thursday afternoon.
On Tuesday, Sheikh Mohamed ordered $100 million of aid to be sent to victims of the earthquake in Turkey and Syria. The UAE is sending seven aid flights to help with search-and-rescue operations.
The first cargo plane with emergency medical aid has left Dubai to bring relief to some of the estimated 23 million people affected by the quake.
The world's deadliest earthquake since 2000: in pictures
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People wait for relief in Afghanistan after a 5.9 magnitude earthquake killed more than 1,100 people and injured more than 6,000 in June 2022. All photos: EPA -

Damaged buildings in Los Cayos, Haiti, after a 7.2 magnitude quake struck in August 2021, killing more than 2,200 -

A village in Palu after 7.5 magnitude quake and a series of powerful aftershocks hit Indonesia's Central Sulawesi province in September 2018, killing at least 4,300 -

Rescue teams continue their operations in the rubble of the largely destroyed Lazio mountain village of Amatrice, Italy, after a devastating 6.0 magnitude earthquake struck in August 2016, leaving 299 -

An injured boy sits in a damaged house in Peshawar, Pakistan, after a7.6 magnitude earthquake struck in October 2015, killing 86,000 -

A woman sits on the top of a damaged temple in Kathmandu as she watches rescue workers search for victims of a 7.8 magnitude quake that struck in April 2015, killing more than 8,900 in Nepal, India, China and Bangladesh -

A survivor carries his belongings in Longtoushan, in China's Yunnan province, after an earthquake shook the country's south-west in August 2014, killing several hundreds -

A girl drinks water from a community tap in Pakistan's Balochistan province after a 7.7 magnitude quake struck in September 2013, killing more than 820 people and injuring hundreds -

A fire rages at an oil refinery in Chiba city after an 8.8 magnitude quake hit northern Japan in March 2011 -

Overturned cars on a road in Santiago, Chile, after an 8.8 magnitude quake shook the country in February 2010 -

Haitians walk past damaged buildings in Puerto Principe after a quake with a magnitude of 7.0 struck in January 2010, killing more than 100,000 people -

A house burns in Padang after a 7.6 magnitude earthquake struck off the west coast of Indonesia's Sumatra island in September 2009, killing about 200 -

The quake-ravaged village of Onna, in Italy's L'Aquila province, after an earthquake struck in April 2009, killing 90 -

A man surveys the destruction in Shifang city, in China's Sichuan province, in May 2008 after an 8.0 magnitude earthquake killed more than 69,000, injured more than 374,000 and left 18,222 missing -

The interior of a collapsed church in Ica, Peru, after an 7.9 magnitude earthquake hit the country in August 2007, killing 595 people -

A devastated area in Bawuran village in Bantul, Yogyakarta, after a 6.4 magnitude earthquake struck in May 2006, killing more than 5,700 -

A man stands next to debris in Pakistani-administered Kashmir after an earthquake with a magnitude of 7.6 struck in March 2006, killing more than 86,000 -

Rescue workers survey the destruction caused by an 8.7 magnitude earthquake that shook Indonesia's Sumatra island in March 2005, killing 915 people -

The trail of destruction in the Indonesian town of Banda Aceh, which was flattened by a tsunami triggered by an undersea earthquake that struck near the west coast of northern Sumatra. The tsunami killed 227,898 people in 14 countries -

Arg'e Bam, a 2,000-year-old historical attraction in southern Iran, was destroyed by a 6.3 magnitude quake that struck in December 2003, killing at least 34,000 -

Survivors line up for water at a make-shift camp in Bordl Manaiel, Algeria, after a 6.8 magnitude quake rocked the North African country in May 2003, killing more than 2,630 -

Afghans survey the damage after two powerful quakes, with magnitudes of 7.4 and 6.1, struck the country's Hindu Kush mountain range three weeks apart in March 2002, killing more than 2,160 people -

A building damaged by a 6.9 magnitude quake that rocked India's western Gujarat state in January 2001, killing between 13,000 and 20,000 people
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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